Scrap prices cede more ground in Chicago

Feb 06, 2014 | 05:39 PM | Sean Davidson

Tags  ferrous scrap, heavy melt, HMS, busheling, shredded scrap, Chicago market, Detroit market, Indiana market Sean Davidson

NEW YORK — Ferrous scrap prices appear to be losing more ground as the week progresses, with several Midwest steel mills attempting to secure reductions in excess of the $30-per-ton drops achieved earlier in Detroit.

Market participants said sentiment soured after some late trading in Detroit Feb. 6 concluded at prices down as much as $35 per gross ton for smaller volumes of such grades as No. 1 busheling and shredded scrap.

In Chicago and Indiana, market participants said mill buyers have targeted drops of $35 to $40 per ton on No. 1 bundles, No. 1 busheling, shredded, and plate and structural scrap.

Early trades of No. 1 heavy melt in the Chicago and Indiana regions were reported down about $30 per ton, with prices hovering at around $390 per ton.....

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